nauman pathan 29 October 2018

Postal Life Insurance

I have taken pli in which monthly I have to pay 1200 Rs up to age of 58, ihave regularly made payment till 2.5 years, but after that I am not able to make payment, because of some financial crises I want to withdraw my investment amount of 2.5 years, but post office denied for it, they told me first of all make payment of last 2 Years, than your policy will active and you get 90% loan but you can't withdraw your whole investment, can I withdraw my investment amount with file case in consumer court?

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G.L.N. Prasad (Retired employee.) 29 October 2018

Please do not trust oral statements, though it is true that every policy has to run for a minimum period of 3 years in general to cover their running costs. File RTI Application, get copy of laid down norms prescribed for withdrawal of premium paid for 2 years 5 months. If you have any stipulation that helps you file this as grievance and wait for redressal on line. If there is no such stipulation, even if you go to Ombudsman and forum, except wasting time and costs you may not get your amount back. (Now as there is no fee for District consumer forum cases, they take long time to scrutinise complaints and may even reject admission. For filing complaint, issuing notice to other party is mandatory before filing complaints before DF)

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